S&P 500 Index Forecast October 10, 2012, Technical Analysis

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The S&P 500 Index fell during the session on Tuesday as traders sold off anything remotely related to risk. However, the market is approaching a significant amount of support in the vicinity of 1420, and as such we are not willing to get involved at this point in time. So far, it is simply a pullback in an otherwise strong market. However, this could also be the beginning of something truly negative, as many of the world market suddenly look vulnerable.

Looking forward, we think that the markets are absolutely due for a pullback in which to regain strength again. Because of this, we are willing to set out of this market, at least until some type of verification of support can be made. With this being said, we are watching the market just below it in order to find out whether or not this up trend can continue.

S&P 500 Index Forecast October 10, 2012, Technical Analysis

S&P 500 Index Forecast October 10, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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